Eurocontrol to buy back up to 8.7 million shares
Eurocontrol Technics Group Inc (C:EUO)
Shares Issued 90,035,738
Last Close 2/18/2016 $0.15
Friday February 19 2016 - News Release
Mr. Bruce Rowlands reports
EUROCONTROL ANNOUNCES TSX VENTURE APPROVAL OF NORMAL COURSE ISSUER BID
Eurocontrol Technics Group Inc. has received approval from the TSX Venture Exchange for the company's intention to make a normal course issuer bid. Under the terms of the issuer bid, the company may acquire or repurchase for cancellation up to 8,705,557 issued common shares of the company, representing approximately 10 per cent of the company's estimated public float.
Eurocontrol and its board of directors believe that the market price of the company's shares may not fully reflect the value of its business and future prospects, and as such that purchasing its own shares for cancellation is an appropriate strategy for increasing long-term shareholder value.
The purchase for cancellation of shares is authorized to commence on Feb. 22, 2016, and end on Feb. 21, 2017, or such earlier date as the issuer bid is completed or terminated by Eurocontrol. Purchases under the issuer bid will be made on behalf of the company by Haywood Securities Inc. in open-market transactions on the TSX Venture Exchange.
